Author: Fiona Craig

Power Metal Resources PLC (LSE:POW) has revealed a £4 million strategic investment in Apex Royalties Limited, a diversified mining royalty company. The capital injection forms part of Apex’s broader fundraising initiative, which aims to secure more than US$10 million to support acquisitions and strengthen its working capital base.

Through this investment, Power Metal gains exposure to Apex’s expanding portfolio of royalty interests tied to gold, tin, bauxite, and tungsten assets. This strategic stake is designed to complement Power Metal’s existing portfolio and provide potential upside as Apex scales its operations.

The company’s outlook remains underpinned by solid revenue growth and a healthy balance sheet. However, operational challenges and ongoing negative cash flows present near-term hurdles. While the share price appears undervalued—offering potential upside—technical signals point to a cautious market stance amid prevailing bearish trends.

About Power Metal Resources plc

Power Metal Resources plc is a UK-based exploration and development company focused on identifying and financing large-scale metal discoveries worldwide. Its portfolio spans North America, Africa, Saudi Arabia, and Australia, covering precious, base, and strategic metals. The company’s projects range from early-stage exploration targets to advanced prospects with active drilling programs.

Distil plc (LSE:DIS) has released its interim figures for the six-month period ending 30 September 2025, showcasing strategic progress alongside financial pressures.

The company advanced its distribution strategy by completing a transition of its UK operations to Global Brands Ltd, adding more than 200 new distribution outlets across the market. It also struck a new deal with AIKO Importers Inc to reintroduce Blavod Black Vodka to the US, a move aimed at strengthening its international footprint.

Although inflation and a slow first quarter created early challenges, the second quarter brought a sharp turnaround. Revenue surged by 269% compared to Q1, and gross margins climbed to 50%. To support future growth, the company raised £0.755 million through an equity placement, earmarked for working capital and brand investment.

On the operational front, Distil emphasized tighter cost control and improved efficiency. Its marketing push focused on boosting volume through targeted promotions. Meanwhile, the Ardgowan Distillery Project reached a major milestone with its official opening and the first distillation of whisky.

Looking ahead, the company remains upbeat about the upcoming holiday trading season, planning to intensify marketing and broaden distribution to capture seasonal demand.

However, the financial outlook remains tempered by weak performance indicators, including shrinking revenue streams, pressure on profitability, and constrained cash flow. While recent corporate initiatives could unlock future opportunities, valuation levels and technical signals suggest investors are approaching with caution.

About Distil plc

Distil plc is a premium drinks producer and marketer with a portfolio that includes RedLeg Spiced Rum, Blackwoods Gin and Vodka, TRØVE Botanical Vodka, and Blavod Black Vodka. Its brands are sold in the UK and across various international markets, with a focus on expanding distribution and strengthening brand visibility.

U.S. stock futures hovered around the flatline on Wednesday, suggesting a choppy start to trading as investors digested geopolitical uncertainty and a fresh wave of earnings reports.

Tensions surrounding U.S.–China trade talks continued to cast a shadow over sentiment after recent comments from President Donald Trump.

During a lunch with Republican lawmakers in the White House Rose Garden on Tuesday, Trump said he expects to secure a “good deal” with Chinese President Xi Jinping, but he also acknowledged that a meeting between the two leaders might not happen.

“Maybe it won’t happen,” Trump said. “Things can happen where, for instance, maybe somebody will say, ‘I don’t want to meet, it’s too nasty.’ But it’s really not nasty. It’s just business.”

Trump further noted he may also cancel a planned meeting with Russian President Vladimir Putin, citing a desire not to “have a waste of time.”

The lack of major economic data ahead of Friday’s key inflation release is also likely keeping many investors on the sidelines.

Early moves on Wall Street may be shaped by corporate earnings. Shares of Netflix (NASDAQ:NFLX) were down 7.7% in premarket trading after the streaming platform reported third-quarter earnings that fell short of expectations.

Toy maker Mattel (NASDAQ:MAT) was also poised to come under pressure following a similar earnings miss.

In contrast, Intuitive Surgical (NASDAQ:ISRG) jumped 18.4% premarket after posting stronger-than-expected results, while Capital One Financial (NYSE:COF) also looked set for early gains after beating estimates on both revenue and profit.

Markets had already shown signs of fatigue in Tuesday’s session. The S&P 500 and Nasdaq Composite fluctuated around the flatline, while the Dow Jones Industrial Average managed to notch a record close, driven by strength in a handful of blue chips.

The Dow finished up 218.16 points, or 0.5%, at 46,924.74 after pulling back from session highs. The S&P 500 inched up 0.22 points to 6,735.35, and the Nasdaq slipped 36.88 points, or 0.2%, to 22,953.67.

Gains in the Dow were fueled in part by a 7.7% surge in 3M (NYSE:MMM), which beat third-quarter earnings forecasts. The Coca-Cola Company (NYSE:KO) also climbed 4.1% after exceeding expectations on both top and bottom lines.

Other Dow constituents, including Salesforce (NYSE:CRM), Amazon.com, Inc. (NASDAQ:AMZN) and The Sherwin-Williams Company (NYSE:SHW), contributed to the upside.

Still, the broader market lacked clear direction as investors paused after a recent rally, weighed down by persistent concerns over U.S.–China trade tensions and the ongoing government shutdown. With most economic reports delayed, Friday’s consumer price inflation data could be a pivotal input ahead of the Federal Reserve’s policy meeting next week.

Most sectors ended Tuesday with modest moves. Oil service stocks outperformed, lifting the Philadelphia Oil Service Index by 2.3%, thanks to an 11.6% surge in Halliburton (NYSE:HAL) after its strong results. Housing stocks also gained, with the Philadelphia Housing Sector Index up 1.7%, while retailers posted solid advances.

Meanwhile, gold stocks tumbled alongside bullion prices, dragging the NYSE Arca Gold BUGS Index down 10%.

European stocks were mixed on Wednesday as investors balanced a busy earnings calendar with fresh developments on trade relations between the United States and China.

U.K. equities outperformed after the British pound weakened following softer-than-expected inflation data. According to the Office for National Statistics, U.K. consumer prices rose 3.8% year on year in September, matching August’s growth rate but coming in below the 4.0% forecast.

Another report showed input prices fell unexpectedly by 0.1%, versus an expected 0.3% increase, while output prices were flat, missing estimates for a 0.2% rise.

Against this backdrop, the FTSE 100 gained 1.0%, the DAX slipped 0.1%, and the CAC 40 fell 0.3%.

On the corporate front, shares of Adidas (TG:ADS) declined despite strong third-quarter results and an increased annual operating profit forecast. Luxury group Hermès International S.A. (EU:RMS) also dropped after signaling only a slight improvement in Chinese demand, even as quarterly sales rose 9.6%. Beauty giant L’Oréal S.A. (EU:OR) moved sharply lower after missing growth expectations.

Paint and coatings maker Akzo Nobel N.V. (EU:AKZA) slipped following a third-quarter loss, and UniCredit S.p.A. (BIT:UCG) dipped despite higher profit and revenue.

In contrast, Ipsen (EU:IPN) soared after lifting its outlook on the back of better-than-expected results. Shares of Barclays (LSE:BARC) jumped after the bank announced a surprise £500 million ($670 million) buyback and raised its performance targets.

Meanwhile, Heineken N.V. (EU:HEIA) traded higher despite reporting a steep decline in beer sales during the third quarter.

The day’s mixed market moves reflect both global trade uncertainty and selective optimism tied to individual earnings beats.

Shares of Eutelsat (EU:ETL) fell more than 6% in Paris on Wednesday after the satellite operator reported first-quarter revenue that came in slightly below market forecasts, with a slump in its video business offsetting solid gains in government services.

Revenue for the quarter totaled €293 million, representing a 2.2% drop on a reported basis and a 0.3% decline at constant currency. Sales from the four core operating segments reached €283 million, down 1.2% like-for-like and 11% lower than the previous quarter, also impacted by a €10 million currency headwind.

This result missed analyst expectations of €295 million, according to company figures.

The video unit, which provides satellite broadcasting services to over a billion viewers and accounts for almost half of Eutelsat’s total revenue, fell 10.5% year-on-year. The company attributed the drop to structural weakness in the video market as well as sanctions affecting Russian channels. French authorities recently instructed Eutelsat to stop broadcasting two Russian networks, a decision the company estimates will cost around €16 million in annual revenue.

“We still see a strong progress of Starlink on the broadband and B2C (business-to-consumer) segments,” said Chief Financial Officer Christophe Caudrelier, noting that “the demand for connectivity by satellite is growing fast.”

Government services continued to be the company’s bright spot, climbing 18.5% to €52.4 million, bolstered by growing demand in Ukraine and other markets.

Eutelsat reaffirmed its full-year and long-term guidance, but analysts remained cautious.

Kepler Cheuvreux analyst Alessandro Cuglietta reiterated a Hold rating on the stock. “We remain cautious,” he said. “The business model is structurally capital-intensive, with sustained negative free cash flow expected through the end of the decade.”

Cuglietta also noted that Eutelsat’s return on invested capital (ROIC) is unlikely to turn positive before fiscal 2030, “and even then, should remain below 10%.”

U.S. equity futures were mostly unchanged early Wednesday as investors looked ahead to another round of corporate earnings and processed mixed geopolitical signals.

At 03:39 ET, Dow futures edged up 38 points or 0.1%, S&P 500 futures gained 10 points or 0.1%, and Nasdaq 100 futures were nearly flat.

U.S. futures tread water ahead of earnings rush

The major averages ended Tuesday with a muted performance as investors grew wary of elevated valuations and questioned whether the recent stock rally can be sustained.

Geopolitical developments remained in focus. President Donald Trump cast doubt on a potential meeting with Chinese President Xi Jinping in South Korea later this month, saying it “may not happen.” However, he also struck a hopeful tone, stating that if it does go ahead, it would be “very successful” and that he expects a “fantastic” and “fair” trade deal.

Meanwhile, hopes for progress on Ukraine were dented after the planned Trump-Putin summit was postponed when Moscow declined to agree to a ceasefire.

Netflix shares sink on margin shortfall

Netflix (NASDAQ:NFLX) fell more than 6% in after-hours trading after its third-quarter operating margin came in at 28%, slightly below expectations.

The miss stemmed largely from tax-related charges in Brazil. The company said that excluding the expense, its margin would have surpassed forecasts.

Netflix also trimmed its full-year margin outlook to 29% from 30%, citing the impact of the Brazil dispute.

Despite the margin pressure, the company posted higher revenue and profits, buoyed by its strongest-ever advertising quarter, new subscribers, and higher prices.

Tesla earnings up next

Tesla (NASDAQ:TSLA) will report its quarterly results after the closing bell, in one of the most closely watched corporate announcements of the week.

Earlier this month, the automaker reported record deliveries for the third quarter, boosted by discounts and marketing efforts ahead of the expiration of a $7,500 EV tax credit in the U.S. Investors are now focused on how the expiration will affect future demand.

According to analysts at Vital Knowledge, “earnings reports for this company are nearly irrelevant as the bulk of the narrative and equity value isn’t related to the core business of manufacturing and selling autos but instead hope and hype for products that won’t impact income statement in a material way for years to come.”

Tesla CEO Elon Musk has repeatedly highlighted projects such as robotaxis and full self-driving technology as central to the company’s future. Tesla shares are up more than 16% year to date, supported in part by a proposed new pay package for Musk and additional stock purchases.

AT&T (NYSE:T), GE Vernova (NYSE:GEV), and Thermo Fisher (NYSE:TMO) are also scheduled to release earnings before U.S. markets open.

Hermes reports “very slight” China improvement

Hermes (EU:RMS) shares traded modestly higher in Paris after the luxury group signaled a slight pickup in demand from China during the third quarter.

CFO Eric de Halgouet said stronger property prices and stock market gains in key cities contributed to the improvement.

Quarterly revenue climbed 9.6% to €3.88 billion, just shy of the 10% growth expected by analysts, according to Visible Alpha estimates. The update aligns with cautious optimism expressed recently by rivals L’Oreal (EU:OR) and LVMH (EU:MC) regarding stabilization in Chinese luxury spending.

Gold steadies after steep drop

Gold prices rebounded in early Wednesday trade after a heavy sell-off in the prior session, as a weaker dollar and bargain-hunting helped steady the market.

Investors also awaited U.S. inflation figures due later this week, which could influence expectations for the Federal Reserve’s next steps. With the government shutdown delaying other data, Friday’s CPI report is expected to be one of the most closely watched indicators.

Spot gold rose 1.1% to $4,153.24 per ounce at 03:32 ET after briefly slipping to around $4,000 earlier in the day. U.S. gold futures were up 1.2% at $4,156.79.

Tuesday’s 5% plunge marked gold’s sharpest one-day fall since 2020, erasing part of its recent rally to record highs driven by geopolitical uncertainty and expectations of easier U.S. monetary policy.

The U.S. dollar inched higher on Wednesday, supported by a sharp pullback in gold prices, while a softer-than-expected U.K. inflation print weighed on the pound.

At 04:20 ET (08:20 GMT), the U.S. Dollar Index — which measures the greenback against six major currencies — rose 0.1% to 98.795, rebounding from last week’s steep losses.

Dollar extends gains ahead of CPI release

The dollar has steadily strengthened this week, as earlier concerns around the health of regional banks have largely faded. Tuesday’s steep gold correction also gave the greenback an extra lift.

That said, “a further USD rally from here will be harder to justify unless markets find reasons to price out one of the three Fed cuts expected by March. The most realistic driver of such hawkish repricing this week would be a hot CPI figure on Friday, which we don’t expect,” said Francesco Pesole, analyst at ING Group.

The September consumer price index will be the first major data release since the U.S. government shutdown began in early October. Headline inflation is forecast to edge up to 3.1% from 2.9% in August, while core CPI is expected to remain at 3.1%.

Pound slips on soft inflation print

In currency markets, GBP/USD fell 0.4% to 1.3323 after data showed that annual U.K. CPI held steady at 3.8% in September, below the widely expected 4%.

“Our call is that this 3.8% marks the peak for headline inflation, and we expect it to be 3.5% for the remaining three months of the year, before falling back from January,” Pesole said.

“All this should not be enough to bring a November rate cut back on the table, but it definitely increases the chances of a December move. For that, the Autumn Budget will play a pivotal role, where a stricter commitment to fiscal rigour can be the trigger for a ‘Christmas cut’.”

The Bank of England left interest rates unchanged at 4% at its September meeting, the lowest level in more than two years, after starting 2025 at 4.75%.

Governor Andrew Bailey warned at the time that the U.K. was “not out of the woods yet” on inflation, adding that any rate cuts would “need to be made gradually and carefully.” The next policy decision is scheduled for November 6.

Euro and yen react to geopolitical developments

EUR/USD slipped 0.1% to 1.1592 after the White House said a planned summit between U.S. President Donald Trump and Russian President Vladimir Putin was postponed when Moscow rejected calls for an immediate ceasefire.

“These developments vindicate markets’ extremely cautious treatment of Ukraine truce hopes. We remain of the view that any meaningful market reaction will require tangible progress – rather than mere speculation,” Pesole added.

Meanwhile, USD/JPY dipped 0.1% to 151.83, with the Japanese yen clawing back some losses after falling nearly 0.8% in the previous session, following Sanae Takaichi’s confirmation as Japan’s first female prime minister.

Takaichi is seen as fiscally dovish and expected to push for more government spending and resist further interest rate hikes from the Bank of Japan. Speculation over her leadership had weighed on the yen for weeks after her election as head of the Liberal Democratic Party in September.

Yuan and Aussie dollar little changed

USD/CNY edged up to 7.1244 as markets awaited further developments on U.S.–China trade tensions, though recent U.S. comments fueled optimism that a tariff escalation may be avoided.

AUD/USD added 0.2% to 0.6502.

Gold prices stabilized during Asian trading hours on Wednesday, following a steep sell-off earlier in the session. Easing trade tensions between the U.S. and China, along with renewed optimism over potential progress in global negotiations, continued to weigh on safe-haven demand for the metal.

Profit-taking after gold’s record-setting rally earlier in the month also pressured prices, while investors shifted their attention to key U.S. inflation data due later this week.

Spot gold rose 0.1% to $4,127.95 per ounce as of 00:21 ET (04:21 GMT), rebounding modestly after touching an intraday low of $4,003.39. U.S. gold futures advanced 0.9% to $4,144.51 per ounce.

The metal plunged more than 5% on Tuesday—its sharpest daily decline since 2020—after briefly touching all-time highs above $4,381 per ounce earlier this week, fueled by geopolitical jitters and expectations of monetary easing by the U.S. central bank.

Trade optimism tempers safe-haven appeal

The pullback followed comments from U.S. President Donald Trump, who said an upcoming meeting with Chinese President Xi Jinping could produce a “good deal” on trade, though he acknowledged that the talks “may not happen.”

His remarks boosted risk appetite and dampened demand for traditional hedges such as gold.

Sentiment was further buoyed by reports in India’s Mint (newspaper) that Washington and New Delhi were close to finalizing a trade pact that would lower U.S. tariffs on Indian goods to 15–16% from the current 50%. Such a move could reinforce global trade optimism and risk appetite.

“The catalyst appears to be profit-taking in a market that has been hugely overbought in recent weeks,” analysts at ING Group wrote, adding that “clearly, market participants were getting increasingly nervous over the sustainability of the uptrend.”

Market participants remained cautious ahead of Friday’s U.S. CPI release, which could shape expectations for the Federal Reserve’s interest rate decision next week. Uncertainty stemming from the ongoing U.S. government shutdown has also disrupted parts of the economic data calendar.

Metals trade remains muted after losses

Other precious and industrial metals also came under pressure earlier in the week and were trading in narrow ranges on Wednesday.

Silver inched up 0.4% to $48.93 per ounce after a 7% plunge in the prior session. Silver futures climbed 1.2% to $48.28. Platinum futures slipped 0.3% to $1,533.90.

Benchmark copper on the London Metal Exchange held steady at $10,612.95 per ton, while U.S. copper futures edged up 0.2% to $4.96 per pound.

Oil prices extended gains for a second straight session on Wednesday, rising more than 2% as supply risks tied to sanctions and geopolitical uncertainty outweighed recent demand worries. Optimism around a potential U.S.-China trade breakthrough also added to the positive sentiment.

By 06:45 GMT, Brent crude futures were up $1.24, or 2.0%, at $62.56 a barrel, while U.S. West Texas Intermediate rose $1.20, or 2.1%, to $58.44.

The rally comes after oil hit a five-month low earlier in the week, pressured by increased output and concerns that trade tensions could further erode global demand.

However, renewed geopolitical risks boosted sentiment. News that a planned summit between U.S. President Donald Trump and Russian President Vladimir Putin was postponed, coupled with Western pressure on Asian buyers to reduce purchases of Russian crude, revived fears of tighter supply.

“Despite the overall bearish sentiment driven by an oil supply glut and weak demand, the risk of supply disruption in hotspots like Russia, Venezuela, Colombia and the Middle East remains in place and prevents oil prices staying below the $60 handle,” said Mukesh Sahdev, founder and CEO of energy market consultancy XAnalysts.

Market analysts also pointed to short covering activity as another driver behind Wednesday’s gains. “After the sell-off in crypto (currency), regional banks and now gold and silver, I think we are seeing position reductions across markets, which for crude oil means short covering,” said Tony Sycamore, analyst at IG Australia.

Traders also monitored rising tensions between the U.S. and Venezuela. U.S. strikes on Venezuelan vessels in international waters were condemned by independent United Nations experts as “extrajudicial executions.” These operations, ordered by Trump in recent months, targeted at least six ships suspected of smuggling narcotics as part of a campaign against a “narcoterrorist” threat.

Meanwhile, hopes for a trade breakthrough provided additional support. Officials from the U.S. and China are scheduled to meet this week in Malaysia to continue negotiations. Trump said on Monday he expects to reach “a fair trade deal” with Chinese President Xi Jinping, though he added Tuesday that “maybe it won’t happen,” injecting uncertainty into the talks.

Adding to the bullish backdrop, U.S. crude, gasoline, and distillate inventories fell last week, according to figures from the American Petroleum Institute.

The United States Department of Energy also said it plans to purchase 1 million barrels of oil for the Strategic Petroleum Reserve. Analysts at Australia and New Zealand Banking Group noted in a client report that the plan supported prices, with the government taking advantage of lower levels to rebuild stockpiles.

European equities traded mostly in the red on Wednesday as investors reacted to renewed geopolitical tensions surrounding the war in Ukraine, while softer-than-expected inflation data offered some support to the U.K. market.

By 07:05 GMT, Germany’s DAX slipped 0.2%, France’s CAC 40 lost 0.7%, while the U.K.’s FTSE 100 advanced 0.5%, outperforming its continental peers.

Geopolitical tensions dampen sentiment

Investor mood was hit after the White House announced that the planned summit between U.S. President Donald Trump and Russian President Vladimir Putin had been indefinitely postponed. Moscow rejected calls for an immediate ceasefire, casting doubt on any near-term peace deal in Ukraine.

Trump, who last week spoke with Putin by phone and met Ukrainian President Volodymyr Zelenskyy, had hoped a follow-up meeting after August’s unsuccessful Alaska summit would help move negotiations forward. Instead, markets now view the odds of a breakthrough as slim, weighing on global risk appetite.

Corporate earnings in focus

Investors also digested a wave of corporate results as earnings season gathers pace.

• UniCredit (BIT:UCG) reaffirmed its full-year and medium-term targets after posting third-quarter results that exceeded expectations, keeping the bank on track for a record year.
• Barclays (LSE:BARC) raised its full-year guidance and unveiled a £500 million share buyback, even as pretax profit fell 7% year-on-year to £2.1 billion.
• Hermès International S.A. (EU:RMS) reported a 9.6% rise in Q3 sales, highlighting a “slight improvement” in China as wealthy consumers continued to snap up its luxury handbags.
• Heineken N.V. (EU:HEIA) warned that 2025 beer volumes are expected to decline amid worsening macroeconomic headwinds, marking a second downward revision this year.
• Reckitt Benckiser Group (LSE:RKT) beat Q3 sales forecasts and reaffirmed its outlook, supported by strong emerging market demand and recovery in key developed regions.

U.K. inflation steady

Fresh economic data released earlier showed U.K. inflation holding at 3.8% in September, below expectations for a rise to 4.0%. This provides some breathing room for the Bank of England, which kept its benchmark rate unchanged at 4% last month — the lowest level in more than two years after starting 2025 at 4.75%.

Oil climbs on summit cancellation

Crude prices pushed higher after the cancellation of the U.S.-Russia summit raised concerns about longer-lasting disruptions to global energy supply.

Brent futures climbed 1.7% to $62.34 a barrel, while U.S. West Texas Intermediate rose 1.8% to $58.24.

The prolonged conflict is fueling fears of further supply risks, especially as Kyiv steps up strikes on Russian energy infrastructure. Oil prices were also supported by U.S. inventory data showing a drawdown and an announcement by the United States Department of Energy that it plans to buy one million barrels to replenish the Strategic Petroleum Reserve.